Ghana’s Jubilee Production Hits 110,000 b/d, Amid Political Crisis
Ghana’s giant offshore Jubilee field continues its steady increase in production, now reaching 110,000 barrels per day, and its operator, Tullow Oil PLC is eyeing a rise in production to 120,000 b/d after September, when a gas handling constraint is expected to be finished on the FPSO (floating production, storage and offloading) facility. Gas production facilities are also slated to go online in 2014. Tullow is looking at 2016 for the launch of development plans for its Tweneboa-Enyenra-Ntomme (TEN) fields, the plan for which was approved in late May (as we noted in a previous briefing). But everyone’s question right now is how will the political situation impact oil and gas investments, as the Supreme Court hears a petition to overturn the results of the December 2012 presidential elections. This is an unprecedented move in this region, and is being heralded as a victory for democracy that the Supreme Court is even considering the case of the losing political party. However, a decision to overturn the election results would be highly destabilizing. It is our assessment that the Supreme Court will rule in favor of continued stability, especially at a time when the oil and gas stakes are very high.
Lebanon Concerned that Israel Could Reach its Oil and Gas
Lebanon’s Energy Minister, Gebran Bassil, is urging the Cabinet to address the potential for Israel to reach…